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Crushed by the virus, Cool Springs Galleria operator files for bankruptcy

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Posted at 6:31 PM, Nov 02, 2020
and last updated 2020-11-02 19:31:15-05

NEW YORK (AP) — Two mall operators filed for bankruptcy protection Monday. Both were hurt by the coronavirus pandemic that has forced their tenants to permanently close stores or not pay rent.

CBL and Pennsylvania Real Estate Investment Trust said their malls will remain open as they go through the bankruptcy process.

Even before the virus, malls have struggled to attract shoppers who are increasingly shopping online or elsewhere. But the pandemic has forced malls to temporarily close for months.

Based in Chattanooga, Tennessee, CBL operates 107 malls across the U.S., including Cool Springs Galleria in Franklin and EastGate Mall in Cincinnati. Philadelphia-based PREIT has more than 20 properties, including Cherry Hill Mall in New Jersey.